Close  

No real property tax hike this year, says Makati gov’t

By: - Reporter / @erikaINQ
/ 05:04 AM August 30, 2017

The Makati City government does not intend to raise real property tax rates this year.

Mayor Abby Binay gave this assurance on Tuesday after the Commission on Audit (COA) recommended the updating of the city’s schedule of fair market value (SFMV) to raise its tax revenue collection.

ADVERTISEMENT

The COA earlier noted in its 2016 annual audit report that Makati has not revised its SFMV since 1997.

“The city government is dealing with the COA recommendation to adjust the fair market value of properties in a judicious manner,” said Michael Camiña, city spokesperson and legal department head.

FEATURED STORIES

“Such an important decision requires in-depth study and thorough consultation with all the concerned stakeholders. Any adjustments in the FMV will affect tax rates and Mayor Abby would like to ensure that such adjustments, if and when [these are] implemented, will not prejudice the private sector and residents,” Camiña added.

According to him, the city government has seen its highest revenue collection in years without raising tax rates.

The latest report of the city treasurer showed the city’s total revenue collection at P12.65 billion as of July 31.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Abigail Binay, Makati real property taxes
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.